Systems and Strategies for the New Millenium
Top Agents Provide Unique Inventory – Here’s How You Can Too
Today's buyers can search, find, view, negotiate and buy their target property over the Internet. Some are even asking, "Why do we need a real estate agent?" If you don't have more to offer than what is in the MLS, your service won't be as good as a well-developed Web site and you'll be in danger of being replaced. Soon.
One of the best ways to combat this problem is to have unique inventory. Unique inventory – unlisted inventory, that is – ensures your place in the transaction and provides a constant magnet for new buyers. The acquisition of unique property for a buyer is a wonderful source for generating new listings.
We have all had the pocket listing – the "I'll sell if you have a buyer" property that comes to mind once a buyer expresses their purchase parameters. But top agents always seem to have a handle on or can produce unlisted inventory at a moment's notice. This is the mark of a superstar!
Since the proliferation of non-Realtor Internet sites has cranked up the competition, it is time we formalized the acquisition and solicitation of our unlisted inventory not only to increase our signage but also to provide a higher perception of value to our buyer clientele. Furthermore, outstanding services always cement a better relationship with a buyer, consummating in a signed loyalty agreement and refunds.
Here is my eight-step plan for acquiring unique property for contract buyers.
Search expireds, withdrawns and canceleds for as far back as your local MLS system will provide. The search will most likely include an e-mail or direct mail with telephone follow-up to the ex-seller. Since these properties are no longer formally listed, they provide an outstanding opportunity for you to negotiate outstandingly priced transactions. And should the buyer not be interested, these properties can present listing opportunities. Do this and watch your dual-sided transactions go up! Direct mail or e-mail to a geographical area that has been merged with property tax information to meet the buyer's parameters. This marketing effort will allow you to announce that a pre-qualified, ready-to-buy buyer has signed an exclusive representation agreement for you to find a property that meets the location and square footage requirements carefully searched out. Once again, this solicitation of unlisted and unique property will increase your buyer's loyalty and, in the event of a successful showing but unsuccessful sale, will open the door to getting another signup. Use the age-old office meeting where new listings are pitched but not necessarily formalized within the confines of an on-line MLS system as an opportunity for you and your buyer to grab the first chance to purchase. In my opinion, this is one of the greatest aspects of being affiliated with a large and high market share office. Manage the rumor mill. It has always been said that you should not hang out with other real estate brokers and agents because they never buy or sell real estate through you. However, one important aspect of having top agents within your sphere of influence is that they talk about properties due to come on the market. This "rumor mill" allows you to build a mental inventory of properties that just may be perfect for one of your buyers. And if the fit has been tried and unsuccessful, the door will be open for a listing presentation. Seek out and pursue bank inventory. Markets that are marked by discouraging sale price performance often have sizeable chunks of bank inventory. Bank inventory property has always been an insider's game and who better but the top agent in town to generate relationships with the institutions that may be holding bargain properties. Introducing a buyer to a bank owned property can lead to many future successful listings, especially once the bank understands that you are the solution to their problem. Access to this inventory can make or break a buyer's agent's reputation. Internal solicitation of your haves and wants. Databasing your relationships and cashing in on the good job that you have done for past clients is the heart of good database management. Just like the saying "if you build it they will come," the same is true of your database. Names and addresses garnered from outstanding performance will generate leads, referrals and closings. If these relationships are recorded in addition to their haves and wants, these haves and wants can be matched up and thus provide a greater chance for double-end transactions – a complete inventory for that new buyer who walks into your office and an additional service at that listing presentation when they ask, "Do you have anyone that might be interested in buying this property?" A top agent's prospecting techniques always secures additional leads. These leads can be matched to a buyer prior to the formalization of an MLS-based listing. Advertise and promote your Web site. Web sites nowadays are not only a source of information but also a collection of pertinent advice for interested buyers and sellers. A well-advertised and promoted Web site brings visitors and those visitors bring information. That information is exclusive and once again another source for outstanding service to your buyers and sellers.
If your secret inventory or pocket listing business plan is formalized, you will find that your business will increase geometrically. Not only will more clients flock to you because of exclusive information you hold, but we all know it makes better sense to handle both ends of the transaction financially in that the fixed costs are the same. Let's outsmart the huge Web sites by leveraging our local experience and using technology for micro-generation in our marketplaces.
Walter Sanford was one of the top real estate agents in North America for 23 years. He now is one of the most requested seminar speakers in the US and has a line of products that supports his teachings. You can reach Walter or his staff at:
|
